A few hours ago, the cryptocurrency market capitalization exceeded the 400 Billion Dollars mark. This is after weeks of unimpressive performances. The 2018 first quarter market performance had been less than stellar and a plethora of factors have accounted for this – ranging from windfall profit-taking, the post-Christmas and New Year festivities, the Chinese New Year, US Tax reporting and settlement among many others. This was further compounded by its accompanying FUD by mostly weak crypto hands.
As at the time of writing this article, the Market Cap was clocked at $ 425 Billion with Bitcoin leading the pack with a cap of $158 Billion followed by Ethereum with $68 Billion and the Ripple at $36 Billion.
Even though the market is known for its volatility, it has proven to be quite profitable for long term holders who have consistently turned profits due to their patience and fortitude.
As Dan Morhead – CEO for Pantera said back in December 2017, “Bitcoin could be down 50% next week… where it was months ago but, in a year, it will be much higher than it is today.”
There have been various predictions of Bitcoin’s value by year end with majority of these predictions looking up. And as the case usually is, the entire market cap seems to move in tandem with Bitcoin’s pricing as such we are likely to see the possibilities of a Trillion Dollars in market cap in a couple of months.